Satish Hasbe (36), the owner of Sanam hotel in Kashimira area of Thane district, was called out of the hotel on Wednesday midnight by the four men.
As soon as he came out, one of them, identified as Vivek Hegde, pointed a revolver at Hasbe and threatened him, assistant police inspector Sahaji Pawar said.
While Hasbe tried to escape, one of the men attacked him with a cement block injuring him seriously.
The four then took away Rs 1.5 lakh cash, gold chain and other jewellery worn by Hasbe worth about Rs 2.5 lakh before fleeing, the police official said.
A search is on to nab the culprits, three of whom are yet to be identified.
They have been booked under sections 395 (dacoity), 325 (voluntarily causing grievous hurt), 143, 144, 148 (rioting armed with deadly weapon), 149 and 506 (criminal intimidation) of the IPC and also sections 3 and 25 of the Arms Act, he added.
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